Imre Speizer, Research Analyst at Westpac, notes that the NZD/USD broke above its six-month old trading range recently, following a dovish speech by Fed Chair Yellen. Key Quotes “The break above 0.6900 technically signals a move to at least 0.7200 during the next few weeks, a period which contains little scheduled major NZ news (dairy auctions and business confidence the notable exceptions). That should allow global events to dominate NZD/USD, in particular those which influence the US dollar. Much of the strength in NZD/USD since January can be explained by the weakness in the USD over that period. The traditional short term drivers, such as NZ-US interest rate spreads and commodity prices have in contrast been pointing downwards this year.” For more information, read our latest forex news.